Stage 2: Research & Development
The myBit platform will offer four different types of incentives as a reward for participation in the NPS-lite program, Target users are low-income workers in India's unorganized sector.
Economic Growth and Trade, Social & Micro Finance, Digital Finance and 1 MoreSEE ALL
Economic Growth and Trade, Social & Micro Finance, Digital Finance and TechnologySEE LESS
Funds Raised to Date
Encouraging greater participation of low-income Indian workers in old-age pension program using crowdfunded incentives.
How does your innovation work?
myBit leverages the scale, scope and ubiquity of the Internet and the arrival of smart and affordable ICT devices to provide low-cost access to retirement capital to over 300 million unorganized workers that cannot access it through traditional means. With the emergence of Web 2.0 technology, Internet-based crowdfunding has been used to source billions of dollars for international development across more than 600 platforms worldwide. myBit will use an innovative conditional reward model that combines cash incentives, gifts and discount offers on products/services to promote larger savings and participation in pension programs.
Planned Goals and Milestones
The objective of myBIt is to test the real-world effectiveness of a range of privately sourced financial and non-financial incentives to promote increased savings participation and coverage of low-income workers in India’s contributory pension system through a rigorous RCT experiment. myBit will demonstrate pathways to scale through the use of a crowd-sourcing platform that provides low-cost access to a large donor pool of higher income individuals, corporations with social responsibility funds and other mission-driven organizations working to support social security interventions.During the pilot, myBit will be tested with around 10,000 beneficiaries. myBit targets to expand this to 100,000 beneficiaries in the 12 months after pilot and to 200,000 low income households within 24 months after launch. In the longer term (5-10 years), we hope to reach at least ten million low-income workers.
myBit will evaluate the effectiveness of various fiscal, behavioral and informational interventions in motivating higher participation and savings by low-income workers. The impact of these treatments will be assessed through Randomized Controlled Trials (RCT) involving up to 10,000 beneficiaries located in South India.